Losing a spouse is an emotionally overwhelming experience, and unfortunately, for many widows, the challenges extend beyond the realm of grief. The “widow’s penalty” refers to the financial disadvantages that widows often face after the death of their partners. This penalty manifests in various forms, from reduced Social Security benefits to inflated Required Minimum Distributions (RMDs) to potential estate tax issues. In this article, we will explore the different aspects of the widow’s penalty and discuss potential strategies for navigating these challenges.
What is the Widow’s Penalty?
In simple terms, the widow’s penalty refers to a situation where a surviving spouse may experience a reduction in their overall income or financial benefits, but an increase in taxes, after their partner passes away. A common scenario illustrating the widow’s penalty involves the reduction of Social Security benefits for the surviving spouse after the death of their partner. It may also include RMDs. RMDs, or Required Minimum Distributions, are the minimum amounts of money that individuals with retirement accounts must withdraw from their accounts each year once they reach a certain age.
Widow’s Penalty Example
Let’s explore a typical situation of the widow’s penalty. John and Mary, a married couple, have been receiving Social Security benefits based on their individual earnings records. John, the primary breadwinner, receives $50,000 per year. Mary receives $25,000 per year. In addition, John and Mary are over 73, so they must take RMDs of $60,000 per year. In this scenario, their married filing jointly tax bill comes out to about $11,000. Unfortunately, John passes away, leaving Mary as the surviving spouse.
Upon John’s death, Mary is entitled to survivor benefits, which generally amount to the greater of her own benefit or her deceased spouse’s benefit. In other words, Mary will start receiving John’s $50,000 instead of her $25,000. While this is an increase in her own individual income, Mary now earns $25,000 less than when John was alive. On top of that, Mary was John’s beneficiary, so she received all his investments including his retirement account. Because of this, she is still required to take the same RMD amount of $60,000 per year. The real issue is that now her tax filing status will change. She will be able to file jointly once more before she decides to file as a qualifying widow or as a single individual.
Filing as single instead of married filing jointly essentially doubles the amount of taxes paid. This is because the single filing status has less beneficial tax brackets and a much lower standard deduction. When Mary files as a single individual with her $50,000 in survivor benefits and $60,000 in RMDs, her tax bill will increase to about $17,000. So, even though Mary is receiving $25,000 less per year, she is paying $6,000 more in taxes. This is essentially a $31,000 penalty.
How to Navigate the Widow’s Penalty
Engaging in comprehensive financial planning is crucial for widows. This involves assessing the current financial situation and understanding sources of income. It’s important to take advantage of the married filing jointly tax status for as long as possible.
Widows should explore strategies to maximize Social Security benefits. This may involve delaying the receipt of benefits to increase the overall amount or considering spousal benefit options. Consulting with a Social Security expert can help widows navigate the complexities of the system.
Finally, couples should consider Roth conversions now, at least for some of their money. A Roth conversion is a financial strategy where funds from a traditional individual retirement account (IRA) or a qualified retirement plan, such as a 401(k), are transferred or “converted” into a Roth IRA. The distinguishing feature of a Roth IRA is that contributions are made with after-tax dollars, meaning that withdrawals in retirement, including any investment gains, can be tax-free. Roth IRAs do not have required minimum distribution (RMD) rules during the account owner’s lifetime. This means you can leave money in the Roth IRA for as long as you want, allowing potential for tax-free growth.
Tax Help for Widows
The widow’s penalty underscores the importance of proactive financial planning and education for individuals facing the loss of a spouse. By addressing Social Security disparities, navigating RMD considerations, and planning to reduce the penalties, widows can better position themselves to overcome the financial challenges that often accompany the grieving process. Seeking professional advice and support is key to developing a resilient financial plan that helps widows secure their financial future. Optima Tax Relief is the nation’s leading tax resolution firm with over a decade of experience helping taxpayers with tough tax situations.
As taxpayers, we are accustomed to navigating the complex web of tax laws and regulations. One aspect that often takes individuals and businesses by surprise is the Alternative Minimum Tax (AMT). The AMT was originally designed to ensure that high-income individuals paid their fair share of taxes. However, it has evolved over the years, ensnaring an increasing number of middle-class taxpayers. In this article, we’ll delve into the intricacies of the AMT, its history, and how it impacts your financial picture.
Understanding the Alternative Minimum Tax
In simple terms, the Alternative Minimum Tax (AMT) is a separate way the government calculates your income tax to make sure that high-income individuals or businesses pay a minimum amount of tax, even if they qualify for a lot of deductions and credits. It’s like a backup tax system that prevents higher-income people from using too many loopholes to avoid paying their taxes.
Here’s how it works. Normally, you calculate your income tax using the regular rules, taking advantage of deductions and credits to reduce your tax bill. However, if you qualify for a lot of these deductions and credits and your tax bill becomes too low, the AMT kicks in. Some common deductions that may trigger the AMT include state and local taxes, medical expenses, and miscellaneous itemized deductions. The AMT has its own set of rules. Consequently, it disallows some of the deductions and credits allowed under the regular tax system. You then have to recalculate your tax using the AMT rules and pay the higher of the two amounts.
The AMT was initially designed to make sure that wealthy individuals couldn’t use too many tax breaks to pay very little or no taxes. Over the years, the income thresholds triggering the AMT have not kept pace with inflation. This has caused more taxpayers with moderate incomes to fall into its grasp. Lawmakers have made some adjustments to try to prevent it from impacting too many people. However, it’s still something that can catch taxpayers by surprise. It requires careful planning to navigate the tax system and minimize the impact of the AMT.
Tax Changes and Reforms
Recognizing the challenges posed by the Alternative Minimum Tax, lawmakers have made several attempts to reform or repeal it altogether. The Tax Cuts and Jobs Act (TCJA) of 2017 made significant changes to the tax code, including increasing the AMT exemption amounts and raising the income thresholds at which the exemption phases out. While these changes provided relief for some taxpayers, the AMT continues to be a complex and often misunderstood aspect of the tax system.
For tax year 2023, it is $81,300 for single filers and $126,500 for married couples filing jointly. Married couples filing separately have an exemption amount of $63,250. Taxpayers with incomes that exceed these exemptions may be subject to the AMT, which have rates of 26% or 28% in 2023.
How to Calculate Alternative Minimum Tax (AMT)
Calculating the Alternative Minimum Tax (AMT) involves a series of steps, and it’s typically more complex than calculating regular income tax. Here’s a simplified overview of the process.
Calculate Regular Taxable Income: Begin by calculating your regular taxable income using the standard IRS rules. Include income from all sources, such as wages, business income, interest, dividends, and capital gains.
Calculate Alternative Minimum Taxable Income: Use IRS Form 6251, Alternative Minimum Tax for Individuals, to calculate your AMTI.
Determine AMT Rate: Subtract the AMT exemption amount from your AMTI found in Step 2. The result is your Tentative Minimum Tax. Form 6251 will help you determine your AMT rate: 26% or 28%.
Subtract the AMT Foreign Tax Credit: Use Form 1116, Alternative Minimum Tax Foreign Tax Credit to help calculate the amount of the Foreign Tax Credit for AMT you qualify for. Then subtract this credit from your Tentative Minimum Tax.
Compare Minimum Tax to Regular Tax Liability: If your Tenatative Minimum Tax calculated in Step 3 exceeds your regular tax liability, you must pay the higher amount.
Tax Planning Strategies
To minimize the impact of the AMT, taxpayers should engage in careful tax planning. Strategies may include managing the timing of deductions, utilizing tax-efficient investment strategies, and taking advantage of tax credits that are not subject to the AMT.
For example, contributing to retirement accounts, such as 401(k)s or IRAs, can reduce taxable income under both the regular tax system and the AMT. Similarly, tax credits for education expenses or energy-efficient home improvements can provide valuable benefits without triggering the AMT.
Tax Help for Those Who Need to Pay the AMT
The Alternative Minimum Tax adds a layer of complexity to an already intricate tax system. Understanding its history, operation, and potential impact is crucial for taxpayers seeking to minimize their tax liability. While recent reforms have provided relief for some, the AMT remains a consideration in comprehensive tax planning. As tax laws continue to evolve, staying informed and seeking professional advice can help individuals and businesses navigate the ever-changing landscape of the tax code. Optima Tax Relief is the nation’s leading tax resolution firm with over $1 billion in resolved tax liabilities.
Filing taxes when you are self-employed can be very complex. There are plenty of factors involved, from figuring out how much you earned to adding up your business expenses. One of the ways you can better prepare yourself for the filing season is to ensure you have all the correct and relevant tax forms. Unlike traditional employees who receive a W-2 form from their employer, self-employed individuals need to navigate a different set of tax forms. In this article, we’ll explore the essential tax forms for self-employed individuals and provide insights into how to effectively manage your tax obligations.
Form 1040, U.S. Individual Income Tax Return
Most people will be familiar with Form 1040 since it’s the one that taxpayers submit to report their taxable income. Using your gross income and the credits and deductions you can claim, the form helps calculate the amount of tax you owe or the refund you will receive. Typically, an individual will be required to file Form 1040 if they meet certain gross income thresholds. These thresholds are according to your filing status and age. For example, single filers under age 65 are required to file Form 1040 for 2023 if their gross income was at least the standard deduction of $13,850. However, self-employed individuals follow different filing requirements. If you are self-employed and have net earnings of at least $400, you must file an income tax return.
Schedule C, Profit or Loss From Business
A Schedule C helps anyone with self-employed income report their gross business income and expenses. Self-employed income is basically all sources of income that do not come from a W-2. Income from your small business, gig work, or side hustles should be reported on Schedule C. You’ll typically need one form for every individual business activity you are involved in, unless they fall into the same category. For example, if you have an Etsy shop and deliver for both Uber Eats and DoorDash, you’ll likely fill out two Schedule C forms, one for your Etsy shop and one for both driving services.
While most of the categories on Schedule C are self-explanatory, some can be quite difficult to calculate. You probably received at least one 1099 if you collected payment for your self-employed work. You can use these to add up your income. You’ll be able to deduct any eligible expenses. These can include returns or refunds given during the year, business vehicle expenses, and the cost of goods sold. Calculating your expenses can be the trickiest part of filing for self-employed taxpayers. That said, it’s probably best to discuss this with a qualified tax preparer. Be sure to keep meticulous records of all your business-related expenses, such as supplies, equipment, and operating costs, to accurately complete Schedule C.
Various 1099 Forms
Self-employed individuals may receive various 1099 forms, depending on the nature of their income and business activities. There are several common 1099 forms that self-employed individuals might receive.
Form 1099-NEC: Nonemployee Compensation
Form 1099-NEC is used to report income for services performed by non-employees, including independent contractors and freelancers. This can include payments made for services rendered, such as consulting fees, professional services, and other types of compensation. You should receive this form if you receive $600 or more in non-employee compensation during the tax year.
Form 1099-MISC: Miscellaneous Income
Form 1099-MISC is used to report miscellaneous income of at least $600 that you received during the tax year. Some examples of payments that require a 1099-MISC form include rent, prizes and awards, medical and health care payments, crop insurance proceeds, attorney payments, and more.
Form 1099-INT: Interest Income
If you have earned interest income from a business bank account, you may receive Form 1099-INT. This form reports interest income of at least $10 earned on high-yield savings accounts, U.S. savings bonds, municipal bonds, and more.
Form 1099-K: Payment Card and Third-Party Network Transactions
If you receive payments through credit card transactions or third-party payment networks like PayPal, the income may be reported on Form 1099-K. This form is typically issued if your transactions exceed a certain threshold. For tax year 2023, if you received at least $20,000 over 200 transactions, you should receive Form 1099-K. In tax year 2024, the 1099-K threshold will reduce to $5,000. Beginning with tax year 2025, the new threshold will be just $600.
Form 1099-DIV: Dividends and Distributions
If you have investments in stocks or other securities and receive dividends, you may receive Form 1099-DIV. This form reports dividend income of at least $10 received during the tax year.
Form 4562, Depreciation and Amortization
Form 4562, Depreciation and Amortization is used to depreciate or amortize your business assets. This can include buildings, machinery, equipment, vehicles, and patents. You may not depreciate land. Taxpayers must file a separate Form 4562 for each depreciation or amortization deduction being claimed.
Form 8829, Expenses for Business Use of Your Home
If you plan to deduct your home office expenses, you’ll need to file Form 8829, Expenses for Business Use of Your Home. Remember you can only claim the home office deduction for areas in your home used exclusively for business and if it is your principal place of business. Typical deductions include insurance, rent, utilities, repairs and maintenance, home depreciation, deductible mortgage interest. However, you may only deduct the portion that is used for business use only. For example, if you use 15% of your home’s square footage exclusively for business use, you may deduct 15% of your home expenses for a business deduction.
Schedule SE, Self-Employment Tax
Self-employed individuals are responsible for paying both the employer and employee portions of Social Security and Medicare taxes. Schedule SE is used to calculate your self-employment taxes to determine your Social Security benefits. You’ll only need to file a single Schedule SE, even if you have multiple businesses. You would simply combine your net earnings on a single form. However, married couples filing jointly who both earn self-employed income should file separate Schedule SE forms. Understanding how to calculate and pay these taxes is vital for staying compliant with the Internal Revenue Service IRS. Consult with a qualified tax professional if you need assistance.
Form W-9, Request for Taxpayer Identification Number and Certification
Though not a tax form that you file, Form W-9 is essential for self-employed individuals. It is used to request your taxpayer identification number (TIN) from clients who will be reporting payments to you on a 1099 form. Make sure to provide accurate information to avoid any discrepancies in reporting.
Tax Relief for Self-Employed Individuals
Filing taxes when self-employed can be very complicated, especially if done on your own. Because there are several business expenses that can be exaggerated, the IRS typically takes a closer look at deductions claimed by self-employed individuals, leading to more audits. By staying informed and proactive, you can successfully fulfill your tax obligations and focus on the continued success of your self-employed venture. It may be best to seek the help of a credible tax preparer or professional to look at your tax situation. Optima Tax Relief is the nation’s leading tax resolution firm with over $1 billion in resolved tax liabilities.
C corporations, or “C corps,” are a common business structure in the U.S. that offer several advantages, such as limited liability and the ability to raise capital through the sale of stock. One crucial aspect of operating a C corporation is understanding its federal tax treatment. The IRS has established a set of rules and regulations governing the federal tax treatment of C corporations, influencing their financial strategies and decision-making processes.
C Corp Tax Structure
C corporations are unique in that they are separate legal entities from their owners or shareholders. This separation gives rise to a distinct tax structure, often referred to as “double taxation.” Unlike pass-through entities, such as S corporations and partnerships, where profits and losses flow through to the owners’ personal tax returns, C corporations are subject to taxation at both the corporate and individual levels. In other words, the corporation will pay tax on their income after deductions, credits, and losses. Then the corporation will pay its shareholders dividends. The shareholders will then pay income taxes on dividend earnings.
Corporate Income Tax
C corporations are required to file a corporate income tax return (Form 1120) annually. The corporate income tax rate is a flat 21%. Additionally, C corporations can deduct a wide array of business expenses, such as salaries, wages, and operating costs, before calculating their taxable income. This deductibility provides corporations with an opportunity to minimize their taxable income and, consequently, their tax liability.
Dividend Distribution and Double Taxation
One of the defining characteristics of C corporations is the concept of double taxation. After the corporation pays its corporate income tax, any remaining profits can be distributed to shareholders in the form of dividends. However, these dividends are subject to individual income tax when received by shareholders on their personal tax returns.
This double taxation can be a significant consideration for both corporations and shareholders. To mitigate the impact, corporations may strategically manage dividend distributions and explore other options, such as reinvesting profits back into the business or utilizing stock buybacks.
Corporate Alternative Minimum Tax (CAMT)
Beginning in 2023, C corporations are also subject to the Corporate Alternative Minimum Tax (CAMT). The 15% CAMT applies to corporations with average adjusted book income over $1 billion for three consecutive years. The AMT operates alongside the regular corporate income tax, requiring corporations to calculate their tax liability under both systems and pay the higher of the two amounts. The CAMT is only expected to affect less than 150 organizations in the United States but will bring in revenues of more than $222 billion over a decade, according to the Congressional Budget Office (CBO).
Tax Planning Opportunities
Despite the challenges associated with double taxation, C corporations have certain tax planning opportunities that can enhance their financial position. For instance, corporations can explore tax credits for specific activities, such as research and development or renewable energy investments. Additionally, careful consideration of the timing of deductions and income recognition can optimize a corporation’s overall tax liability.
Tax Help for C Corporations
Understanding the federal tax treatment of C corporations is crucial for businesses operating under this structure. While double taxation may pose challenges, careful tax planning and strategic decision-making can help mitigate its impact. C corporations should consult with tax professionals to navigate the complex landscape of corporate taxation, ensuring compliance with IRS regulations and maximizing opportunities for financial growth and success. Optima Tax Relief is the nation’s leading tax resolution firm with over $1 billion in resolved tax liabilities.
As remote work and small business continue to gain popularity, more individuals are setting up home offices to create a conducive work environment. What many may not be aware of is the potential tax benefits associated with a home office. The home office deduction allows eligible taxpayers to reduce their taxable income by claiming a portion of their home-related expenses. In this article, we will explore the ins and outs of the home office deduction, helping you navigate the complexities and potentially save on your tax bill.
Eligibility Criteria for the Home Office Deduction
To qualify for the home office deduction, certain criteria must be met. Perhaps the biggest misconception of the home office deduction is that you can claim it as long as you use a dedicated space in your home for work. However, if you only worked as an employee in this home office, you typically cannot claim the home office deduction. In other words, if you are a W-2 employee who works remotely, you are ineligible for the deduction. However, if you worked for your employer, and you worked for yourself at home during the year, you might be able to claim the deduction.
The space you are claiming must be used regularly and exclusively for business purposes. This could be a dedicated room or a specific area within a room. It can also include unattached structures on your property, such as a studio or unattached garage. You may include any areas you use for regular storage of inventory or products used in your business,. You can do this as long as it is the only fixed location for these items. Additionally, the home office should be your principal place of business, where you conduct most of your work or meet with clients regularly. The home office deduction is available to both homeowners and renters.
Calculating the Home Office Deduction
There are two methods for calculating the home office deduction: the simplified method and the regular method.
Simplified Method
This method allows you to deduct $5 per square foot of your home office space, up to 300 square feet. The maximum deduction is $1,500. You should also keep in mind that home-related itemized deductions can still be claimed using Schedule A on Form 1040. The home office deduction may not exceed gross income from business use of the home less any business expenses. For example, let’s assume you have an unattached studio that is 400 square feet. During the year, you had $5,000 in gross income and $3,600 in business expenses. The square footage of eligible home office space would allow for the $1,500 deduction. However, since the $1,500 deduction exceeds your profit of $1,400, the maximum deduction you can claim is $1,400.
In addition, any amount that exceeds the gross income limitation may not be carried over to future tax years. Loss carryover from use of the regular method of calculating the home office deduction in any prior tax year may not be claimed. The simplified method is a straightforward option, as it does not require detailed record-keeping of expenses. However, it may not yield the maximum deduction for everyone. The good news is that you do not need to use the same method every time. Instead you can use whichever method method will yield a higher deduction for that year. However, keep in mind that you cannot change methods mid-year.
Regular Method
With this method, you can deduct home-related expenses based on the percentage of your home used for business. This includes mortgage interest, property taxes, utilities, and home maintenance costs. These expenses should be reported on Schedule A, Schedule C, or Schedule F depending on your specific scenario. Like the simplified method, the home office deduction may not exceed gross income from business use of the home less any business expenses. Additionally, any amount that exceeds the gross income limitation may not be carried over to future tax years. However, loss carryovers from use of the regular method of calculating the home office deduction in any prior tax year can be claimed. One advantage the regular method uses is that you can deduct depreciation for portions of the home used for business purposes.
It goes without saying that the regular method is far more complicated than the simplified method. To calculate your deduction, you can use Form 8829, Expenses for Business Use of Your Home. The form will help you determine the percentage of your home used for business. It will also help you calculate your allowable deduction based on direct and indirect expenses, as well as depreciation and eligible carryover, for the year. It’s vital to keep detailed records of all eligible expenses to support your deduction claims. The IRS has become very skeptical of home office deduction claims and looks into them closely. Incorrectly claiming this deduction can quickly result in an IRS audit.
Changes Due to Tax Reform and Future Implications
The Tax Cuts and Jobs Act (TCJA) that came into effect in 2018 brought about changes to the home office deduction. While the eligibility criteria remained relatively consistent, miscellaneous itemized deductions, including unreimbursed employee expenses, were eliminated for the tax years 2018 through 2025. This means that if you are an employee who works from home, you are not eligible for the home office deduction during this period. However, the act is due to expire after the 2025 tax year.
Tax Help for Those Who Take the Home Office Deduction
The home office deduction can be a valuable tool for individuals who work from home, providing an opportunity to reduce taxable income and potentially save on taxes. However, understanding the eligibility criteria, choosing the right calculation method, and maintaining accurate records are crucial for a successful deduction. Stay informed about any changes in tax laws and consider seeking professional advice to ensure you make the most of the available deductions while maintaining compliance with the tax code. Optima Tax Relief is the nation’s leading tax resolution firm with over $1 billion in resolved tax liabilities.
Flipping houses—buying distressed properties, renovating them, and then selling them for a profit—has become a popular venture in the real estate market. The potential for substantial returns can be enticing. However, it’s crucial for house flippers to understand the tax implications associated with their endeavors. In this article, we’ll explore how flipping houses for profit can impact your taxes and the key considerations you should be aware of.
Capital Gains Tax
One of the primary tax considerations for house flippers is the capital gains tax. Profits made from the sale of a property are generally classified as capital gains. The tax rate on these gains depends on the holding period. Short-term capital gains, which apply to properties held for one year or less, are typically taxed at higher rates than long-term capital gains.
If you’re flipping houses, your gains will likely fall into the short-term category, which are taxed like ordinary income. This could potentially impact the overall profitability of your business. This happens because the IRS classifies you as a dealer with real estate inventory, rather than an investor with capital assets. If your profits are being taxed like regular income, it also means it’s subject to the 15.3% self-employment tax.
Deductible Expenses
Flipping houses often involves various expenses, such as renovation costs, property taxes, insurance, and interest on loans. While a normal homeowner would typically be able to deduct these costs, house flippers have stricter limitations. To deduct these costs, you’ll need to capitalize them into the basis of the property. In other words, the cost of renovating the home will be added to the original value of the property. In turn, this will reduce the amount of taxable gain when you sell the house.
Capitalized Costs
Capitalized costs are basically expenses incurred from a purchase that you expect to directly result in a financial benefit. The costs that you can typically include when you capitalized the basis of a property include:
Real estate taxes
Costs associated with purchasing the home, including closing costs
Materials and labor
Utilities
Rent
Equipment depreciation
Insurance
While capitalized costs increase your cost basis, there are other expenses that can reduce it. These include depreciation, insurance payments received for a casualty or theft, or home energy tax credits.
After renovating the home, the amount of capital gains tax you pay will be on any profit made above the entire cost basis of the property. For example, let’s say you purchased a property for $300,000 and did $70,000 worth of improvements to the property. This puts your cost basis at $370,000. After six months of owning the property, you sell the property for $500,000. You would be responsible for paying capital gains tax on the profits of $130,000 ($500,000 – $370,000).
Depreciation Recapture
If you claimed depreciation on the property when you owned it, you may be subject to depreciation recapture when selling. Depreciation recapture requires you to pay taxes on the depreciation deductions you previously claimed. This can result in additional tax liabilities when flipping properties. The recaptured depreciation is typically taxed at the ordinary income tax rate. This rate can be higher than the capital gains tax rate. This is because the depreciation deductions you previously claimed reduced your ordinary income in those years. That said, when recaptured, it is taxed at the ordinary income rate.
1031 Exchange
To defer capital gains taxes, some real estate investors utilize a 1031 exchange. Doing so allows them to reinvest the proceeds from the sale of one property into another like-kind property. While this strategy can be advantageous, strict rules must be followed to qualify for the tax deferral. For example, you must identify potential replacement properties within 45 days of selling the relinquished property. The acquisition of the replacement property must be completed within 180 days of the sale of the relinquished property.
Additionally, you must reinvest all the proceeds from the sale of the relinquished property into the replacement property. Any cash or non-like-kind property received in the exchange may be subject to capital gains taxes. For example, let’s assume you had a mortgage of $800,000 on the old property. The mortgage on your new property is $700,000. In this scenario, you have a $100,000 gain that will be taxed, likely as a capital gain. This is typically where most investors get mixed up when attempting to use a 1031 exchange.
Tax Help for House Flippers
Flipping houses for profit can be a lucrative venture, but it comes with significant tax implications. Understanding the tax landscape is crucial for optimizing your profits and ensuring compliance with tax laws. Seeking the guidance of a tax professional or accountant with experience in real estate transactions is advisable to navigate the complexities of house flipping and minimize your tax liability. By staying informed and making informed financial decisions, you can maximize your returns and build a successful house-flipping business while staying in good standing with the tax authorities. Optima Tax Relief is the nation’s leading tax resolution firm with over $1 billion in resolved tax liabilities.
